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WIF Surpasses PEPE to Become Third Largest Meme Coin by Market Cap After DOGE and SHIB
Ruholamin Haqshanas
Last updated:
March 29, 2024 03:23 EDT | 2 min read
The red-hot Solana-based meme coin has recently reached a new all-time high, becoming the third largest meme coin by market cap after Dogecoin and Shiba Inu
Starting the day at $3.21, the coin experienced sideways trading until around 9 am ET, after which it witnessed a sudden spike
Earlier today, it reached an all-time high of above $4 and is currently trading at $3.73, up by more than 20% over the past day
Dogwifhat’s Strongest Daily Performance
The recent performance marks Dogwifhat’s strongest daily showing since its launch
The coin has surpassed the more established meme coin Pepe, securing the 38th position in the Top 100
According to data from CoinMarketCap, Dogwifhat has a market cap of $3.7 billion, while Pepe settles in 43rd place with a market cap of $3.32 billion.
It is important to note that meme coins are highly volatile and lack strong fundamentals
The vision behind WIF is simply “literally just a dog wif a hat.”
As a result, they are influenced by random events, such as tweets, unrelated news, and the movements of other coins
Market sentiment plays a larger role in driving these tokens than any tangible factors.
Other meme coins are also performing well today
In the overall Top 100 of the crypto industry, the four best-performing tokens are meme coins: Dogecoin (+16.83%), Floki (+12.7%), and BONK (+10%)
Outside of the top 10, PEPE has seen an 2% increase and is currently trading at $0.000007883 per token, while Shiba Inu is up 5.85% to $0.00003179
A total of 65 out of the 100 biggest meme coins have posted gains in the last 24 hours.
Solana Emerges as Preferred Blockchain for Meme Coins
Solana (SOL), a blockchain platform known for its low transaction costs, has emerged as a preferred venue for trading these coins
According to data from CoinGecko, the Solana meme coin sector has surged by 13% over the past week and more than 40% over the past month
The platform has seen a wave of new coins featuring caricatures of public figures like Joe Biden and Donald Trump
Meanwhile, there has been a surge in presale scams amid the meme coin season on the Solana blockchain, which continues in full force.
Just recently, crypto detective ZachXBT highlighted several presale coins that have raised concerns due to fraudulent activities and suspicions of being rug pulls
One instance involves X user @Sartoshi0x, who received 7,000 SOL as part of a presale but secretly kept 62% of the funds without distributing the tokens as promised
The surge in Solana meme coin presale scams comes as these events have amassed a staggering $150 million in SOL from only 33 presales
Despite the allure of quick gains, ZachXBT emphasizes that many of these projects, often promoted by smaller accounts, are either dubious or outright scams.
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